Advice for when it's time to say goodbye (to clients)

Nov 21, 2022

Ask episode

Chapters

Transcript

Episode notes

Knowing the right time to end a client relationship can be tricky. No matter the reason for termination, managing the practical components plus the human emotions can be difficult.

In this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, chats with Daniel Moore, CPA, Owner — D.T. Moore & Company, LLC, and Brandon LaGarde, CPA, JD, LLM, Director — Postlethwaite & Nettervile, about their perspectives on when and how to terminate a client relationship for a successful outcome for both parties.

What you’ll learn in this episode

The first steps in this process (1.22)
Tips and tools for ranking client relationships (3.40)
Client Evaluation Tool from the Private Company Practice Section (PCPS) (5.46)
Example of “buckets” of client relationship types (7.00)
The next steps after the client evaluation process (13.16)
Client termination letters (15.09)
Should you explain the why to your clients? (18.23)
Thoughts on referrals (20.45)
Considerations from a firm administration standpoint (23.53)
Final thoughts (27.22)
A page from the guests’ travel journals (29.33)

AICPA resources

Client Evaluation Tool — Use this tool to identify your firm’s better clients who deserve more of your time and attention.
Client Termination Practitioner Checklist and Notification Letter — Terminate a client relationship by following these helpful practice management reminders and then formally communicate the termination to your client.
Practice Management & Professional Standards — Browse tax practice management resources and guidance to help keep your firm performing at the optimal level.
Reimagining Your Tax Practice Q&A roundtable sessions — Tackle today’s top practice management issues with a free interactive virtual Q&A roundtable series. Get innovative advice from our panel of experts on running an efficient, agile and profitable practice.

Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices.

This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.